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SC directs Centre to file affidavit on Bihar assembly dissolution
New Delhi: The Supreme Court today directed the Centre to file an affidavit in the Bihar Assembly dissolution matter within two weeks. The directive from the apex court has come in response to a petition by former NDA legislators from Bihar.

Without issuing notice, a bench comprising Justice P V Reddy and Justice Arijit Passayat asked the Centre to explain in the affidavit whether there is a prima facie case to entertain the petition filed by the MLAs.

The court said the petitioner has to file the reply within a week after the affidavit is filed.

The matter will be listed for hearing on reopening of the court after summer vacations.

The MLAs who were all elected in the 2005 elections, have accused the UPA government of subverting democratic norms at the behest of RJD Chief Lalu Prasad to prevent JD(U) leader Nitish Kumar from staking claim to form government. The petitioners stated that 22 of the 29 MLAs of LJP had agreed to merge with JD(U) and party leader Nitish Kumar was to stake claim before the Governor on May 23.
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Inflation dips to two-month low of 5.2 per cent
New Delhi: Inflation dipped to a two-month low of 5.20 per cent during the week ended May 28 from the previous week's level of 5.38 per cent.

The point-to-point Wholesale Price Index (WPI) inflation fell for the fifth consecutive week by 0.18 percent from the previous week's level, technically due to the Base Year effect. It was as high as 5.61 per cent in the year ago period.

WPI rose by 0.1 percent to 192.2 points even as prices of fuel products remained unchanged. The index was 182.7 points in the year ago period.

Government revised upwards inflation to 5.70 percent during the week ended April 2 as compared to the provisional estimate of 5.26 percent.

WPI stood corrected at 191 points during the first week of this fiscal against provisional level of 190.2 points.
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IIP at 8.8 per cent in April 2005
New Delhi: The Index of Industrial Production stood at 8.8 per cent during April 2005 compared to 8.9 per cent in the same month last year. The index was pulled down by the mining and electricity sectors.

However, the manufacturing sector grew by 10 per cent as compared to 8.8 per cent in the monthly review period.

Growth in the mining sector came down to 3.1 per cent in April, 2005 from 9.1 per cent during the same month last year while growth for electricity also came down to 3.0 per cent as compared to 10.3 per cent, according to the Quick Estimates of IIP released today.

The final annual growth rate for mining, manufacturing and electricity sectors in 2004-05 over the previous year (2003-04) has been 4.4 per cent, 9.0 per cent and 5.2 per cent respectively, with overall growth in the General Index being 8.2 per cent.
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Biotech sector revenues surpass $1bn in 2004-05
Bangalore: Propelled by growing exports and vaccine sales India's biotechnology industry has crossed the $1 billion mark in revenues. The Indian biotechnology sector surged 36.5 per cent in 2004-05 to garner revenues of Rs4,745 crore ($1.07 billion).

Six biotech companies have crossed the Rs100 crore mark in revenues in 2004-05 and the number of firms in the sector in India has grown to 280 from 235 in the previous year, according to the third BioSpectrum-ABLE Biotechnology Industry survey released here on Friday.

"Crossing $1 billion is psychological barrier breakdown," the president of ABLE (Association of Biotechlogy-led Enterprises) and CMD of Biocon Ltd, Ms Kiran Mazumdar-Shaw said. "Next $1 billion will be much, much easier." She added that the target to make Indian biotech industry cross the $5 billion mark by 2010 is "very, very attainable."

Besides Biocon, Serum Institute, Panacea Biotec and Novo Nordisk, two more companies, Mahyco-Monsanto and Venkateshwara Hatcheries, crossed the Rs100 crore revenue mark in 2004-05.

Rising sales of Bt Cotton helped Mahyco-Monsanto to book Rs166.4 crore in sales, and Venkateshwara Hatcheries recorded Rs188 crore, a growth of 114 per cent over the previous year.
The top 20 home grown biotech companies clocked sales of Rs2,478 crore, an increase of 34.6 per cent over the previous year's Rs1,840.87 crore.
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India apparel exports to US to triple to $6bn this fiscal
New Delhi: Enthused by substantial growth in cotton apparel exports since dismantling of the quota system in January 2005, the apparel export promotion council expects the country's exports to the United States to become nearly three times from the present $2.30 billion to $6 billion this fiscal.

The council says that the Indian apparel factories are fully geared to capture any demand.

India's exports of cotton ladies blouses to the US increased by 12.5 per cent, followed by whooping 40 per cent growth in cotton shorts and trousers, cotton gents shirts grew at 39.5 per cent, the council has said in a press release.
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India slaps dumping duty on rubber imports from EU and Brazil
New Delhi: India has imposed anti-dumping duties on imports of natural rubber from the European Union and Brazil ranging from $136.47 to $304.37 a tonne.

The duties will be effective till the end of the year.

The government believes that the domestic industry has suffered material injury due to dumped imports with the markets suffering in terms of loss of market share, low capacity utilisation and profitability, because of the volume and price effect of dumped imports.
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ORG-IMS: Indian pharma to grow 8-11 per cent
New York: According to global pharma audit firm, ORG-IMS, 2006 may turn out to be boom time for the domestic pharma industry in the country, battered by slackening growth rates for over three years now.

The key driver is expected to be a spate of product partnerships, often called in-licensing, between Indian companies and multinational drug firms that have not yet made their mark in India. ORG-IMS says the entry of these firms may help the domestic industry grow by around 8 per cent to 11 per cent.

The Indian drug industry grew at just below 6 per cent last year compared to the Chinese industry that grew at a record 28 per cent. That is because China managed to attract most of the new investments being made by MNC drug firms and India was left grappling with a product pipeline that was fast drying up.

However, with the product patent regime in place in India , experts say, MNCs are now gradually shifting focus here.

The growth in in-licensing is likely to benefit those Indian pharma players that have a strong medical field force for marketing and higher equity with doctors.

Topping that list are companies like Nicholas Piramal, Elder Pharma, Cipla and Dr. Reddy's.
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